jesmond3945:

The power of a currency comes from its country of origin and also it's ability to buy locally made goods rather than imported. We don't spend dollars in Nigeria, we spend im naira. Now I mentioned earlier that whatever is imported into the country automatically becomes expensive except what we produce. Coke is imported and bottled in Nigeria. The secret ingredients of coke is not made in Nigeria. Secondly, power issue. It costs more to produce your bottle of coke in Niaja than in US. I can tell you that most of our foodstuffs imported into America are very expensive for this same reason. Tell Nigerians in diaspora how much they spend in african shop compared to the equivalent in foreign shops. The guy is saying if you seek imported goods to locally produced ones, you have to take responsibility and bear the cost rather than lamenting why the naira currency is lower against the dollar.
Nigeria would rather buy imported palm oil for 5000 naira than buy their locally produced for 400 naira, so what is the business of govt in that? The only way to make naira stronger is cut down on importation and generate more power and also let Nigerians be productive more because they are generally lazy.

How much is our local rice and how much is the foreign one?

jesmond3945:

The power of a currency comes from its country of origin and also it's ability to buy locally made goods rather than imported. We don't spend dollars in Nigeria, we spend im naira. Now I mentioned earlier that whatever is imported into the country automatically becomes expensive except what we produce. Coke is imported and bottled in Nigeria. The secret ingredients of coke is not made in Nigeria. Secondly, power issue. It costs more to produce your bottle of coke in Niaja than in US. I can tell you that most of our foodstuffs imported into America are very expensive for this same reason. Tell Nigerians in diaspora how much they spend in african shop compared to the equivalent in foreign shops. The guy is saying if you seek imported goods to locally produced ones, you have to take responsibility and bear the cost rather than lamenting why the naira currency is lower against the dollar.
Nigeria would rather buy imported palm oil for 5000 naira than buy their locally produced for 400 naira, so what is the business of govt in that? The only way to make naira stronger is cut down on importation and generate more power and also let Nigerians be productive more because they are generally lazy.

Wrong analysis!! The power of a currency comes from its value against others in the international forex market. You claim we don't spend dollars in Nigeria yet our foreign reserves and our crude oil is in dollars.
Who told you coke is imported and bottled in Nigeria. What manner of lie is that? Since you want to live in a cocoon, why do you export crude and import petrol? Why don't you drink your crude yourself? Oh wait! The president uses foreign jets, cars and even foreign hospitals. Why can't he move around with horses and sail to UK with the Ijaw canoe? Or visit the village herbalist so he won't have to spend dollars. You are ignorant that's it.
Most of those African shops are more expensive than the local ones because of the low quantity you have there due to high import tariffs and standards. It's not like here where imported goods enter easily.
As long as you're an importing nation, your currency will be weak compared to the exporting nation. It doesn't matter whether the imported goods are expensive compared to the local ones or not. It's a question of scarcity.
Go and get acquainted with money market theory. It's not a question of aboki vs pizza

Agbegbaorogboye:


Wrong analysis!! The power of a currency comes from its value against others in the international forex market. You claim we don't spend dollars in Nigeria yet our foreign reserves and our crude oil is in dollars.
Who told you coke is imported and bottled in Nigeria. What manner of lie is that? Since you want to live in a cocoon, why do you export crude and import petrol? Why don't you drink your crude yourself? Oh wait! The president uses foreign jets, cars and even foreign hospitals. Why can't he move around with horses and sail to UK with the Ijaw canoe? Or visit the village herbalist so he won't have to spend dollars. You are ignorant that's it.
Most of those African shops are more expensive than the local ones because of the low quantity you have there due to high import tariffs and standards. It's not like here where imported goods enter easily.
As long as you're an importing nation, your currency will be weak compared to the exporting nation. It doesn't matter whether the imported goods are expensive compared to the local ones or not. It's a question of scarcity.
Go and get acquainted with money market theory. It's not a question of aboki vs pizza

I didn't say value, I said power(purchasing power). What is the power of the naira to purchase a certain good as compared with the power of the dollar to purchase the same good. I gave example of houses in lekki which goes for 100 million, you cannot get such houses for 500k dollars, google is your friend. However, there are some items that the dollar can purchase which naira cannot purchase especially imported goods. Our foreign reserves is to enable us buy goods from abroad and not for spending. We don't spend our foreign reserves in Nigeria. We spend our receipts which must be converted to naira before it is spent. If you know anybody spending dollars in Nigeria then that person is stupid.
You have google, go and study how coke is made. Thats why it is called Nigerian Bottling Company and Nigerian Coca Cola Company.
We are supposed to be refining our crude to petrol but bad leaders made it difficult. We export our crude to enable us earn dollars that would enable us buy goods from abroad that would be bought in Nigeria using the naira. Thank you for saying foreign and not Nigeria. Whatever happens in foreign land, you use foreign curerency when the president wants to use our hospitals he would pay in Naira. Thats why we want medical tourism to stop. If buhari wants to go to Niger delta he can use made in Nigerian canoe and he pays in Naira. If he wants to go to UK he uses foreign jet and pay in pounds. Yes our leaders are very bad, they would prefer anything foreign to the detriment of local alternatives. Thats why the naira's value internationally is down.
Thank you for agreeing with me that african shops are expensive because goods there are imported. Where in the world does imported goods enter easily? you mean smuggling? Is smuggling importation?. I think it is safe to say that you are an illiterate in terms of money theory.

jesmond3945:
I didn't say value, I said power(purchasing power). What is the power of the naira to purchase a certain good as compared with the power of the dollar to purchase the same good. I gave example of houses in lekki which goes for 100 million, you cannot get such houses for 500k dollars, google is your friend. However, there are some items that the dollar can purchase which naira cannot purchase especially imported goods. Our foreign reserves is to enable us buy goods from abroad and not for spending. We don't spend our foreign reserves in Nigeria. We spend our receipts which must be converted to naira before it is spent. If you know anybody spending dollars in Nigeria then that person is stupid.
You have google, go and study how coke is made. Thats why it is called Nigerian Bottling Company and Nigerian Coca Cola Company.
We are supposed to be refining our crude to petrol but bad leaders made it difficult. We export our crude to enable us earn dollars that would enable us buy goods from abroad that would be bought in Nigeria using the naira. Thank you for saying foreign and not Nigeria. Whatever happens in foreign land, you use foreign curerency when the president wants to use our hospitals he would pay in Naira. Thats why we want medical tourism to stop. If buhari wants to go to Niger delta he can use made in Nigerian canoe and he pays in Naira. If he wants to go to UK he uses foreign jet and pay in pounds. Yes our leaders are very bad, they would prefer anything foreign to the detriment of local alternatives. Thats why the naira's value internationally is down.
Thank you for agreeing with me that african shops are expensive because goods there are imported. Where in the world does imported goods enter easily? you mean smuggling? Is smuggling importation?. I think it is safe to say that you are an illiterate in terms of money theory.

I still insist you're confused. You want to look at currencies as a local affair which it is not. Every currency trades against itself and others which is where it gets its value and by extension purchasing power from. There's no law that says you can't bring dollars into Nigeria. But you can't use it as a medium of exchange in Nigeria. That does not in anyway remove its intrinsic value.
If it's as you posit then we have no business having crude cause we don't own the technology to extract crude nor refine it in the first place. Your analogy is the reason Buhari has been banning food imports and what have we witnessed? Inflation and a further drop in value of naira!!
Like I already told you, your example of lekki house defeats your argument itself!. Bill Gates house is worth $55million. Your house in lekki that's worth N100million can't in anyway compare to Bill Gates house. Do you know what that means? It means if I have $500k I can get a house in lekki but will need over N20bn to afford Bill Gates house. I'm making this example for you again so you can see your folly. You rejoice that the value of a house in lekki can't get you such in US. How's that a good thing!! It shows your currency is weak which is common knowledge anyway.
Who is talking about smuggling? I'm talking about standards. Or were you not alive when exported ugwu leaves where banned from entering Uk cause it did not meet storage standards over there? Same ugwu that is sold unhygienically here and we buy without batting an eyelid.
Chinese have flooded our markets with fake and substandard goods. Same Chinese export high quality materials only to the US where Trump presently makes them pay through their nose in tariffs.
Go and tell Buhari to paddle canoe to PH you hear. Ignoramus

Jones4190:

Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing people like you. Wake Up!

A currency's value is what is can fetch those who use it as a means of exchange!
Those in America use dollars and those in the UK use pounds sterling. Emiratis use Dirhams and Indians Rupees. Nigerians therefore use the Naira.
The Naira today, is equivalent to 600 units to the GB£ and 500 units to the US$.
Though we are quick to lampoon the Naira as worthless, but let us compare how much value each of these currencies equivalents fetch their owners/holders, within their borders?
In the US, a dollar ($) may not buy you more than a small bottle of water, while N500 will buy you a pack of 12 of the same bottles of water in Nigeria!
A pound (GB£) may not buy you even a small loaf of bread in London, but in Lagos, N600 will buy you and your partner, breakfast for 2, consisting of one N250 big loaf of bread, 4 fried eggs and 2 bottles of water!
Days ago, I bought 50 pieces of medium sized oranges from the Ketu fruit market for N1,000, that's just $2! I bought 3 pineapples for N500 ($1)!
A litre of fuel costs N160 in Lagos, but cost $0.86 (N430) in New York! While I know people who pay cad1,700 (N500,000) per month for their glorified room and parlour self-contained in Ottawa, that is what a friend pays in 6 months, for a 2 bedroom apartment, with separate toilet, bathroom and proper kitchen, in Dolphin Estate, Ikoyi!
So why do Nigerians make so much noise over the value of their currency, when it still fetches them more value than the other currencies that they pitch the Naira against? The answer is simple: the "values" of Nigerians!
While Nigerians reacted with consternation at Dino Melaye's obnoxious display of his stolen wealth, the average Nigerian behaves exactly like Dino Melaye! From the man on the streets to the Churchpreneurs who claim to represent God!
They produce nothing, but want to flaunt everything!
Someone lamented to me about his wife's tenant, who has failed to pay N120,000 rent, for nearly a year, but slaughtered a ram and made festivities, worth N150,000, during the last Moslem "Ileya" festival!
Ask me what the man produces? Zilch!
Had this same debtor taken the N150,000, wasted on the one day feasting to the market, it will be more than enough to set up a fried Yam, sweet potatoes, Akara business, that can net him N300,000 monthly, and take him out of poverty and debt forever!
So, because Nigerians are unproductive at home, but consume from used clothes, to fake hair and eye lashes, to even PMS, from the abroad, they keep whining about the value of the dollar/pound-sterling against their currency.
There are universities in Nigeria, and I had my education entirely in Nigeria! So, if I chose to send my children abroad, what is the headache of the government in my personal decision, should the currency in their country of choice proves unaffordable to me? Who send me?
My personal definition of the problem with Nigeria is that, the policies of the State are manipulated to suit the indulgences of certain classes of Nigerians, who feed fat on the miseries of the masses.
Government resorted to importing fuel because some privileged Nigerians criminally destroyed our refining capacities. Rather than punish them, we put the punishment on Nigerians.
Government "subsidized" the same imported fuel, to create artificial opportunities for some privileged people to loot our treasury, under the artificially created system of "subsidies".
These Nigerians and their fraudulent economists should stop fooling themselves about the poor exchange rates of the nation's currency. 95% of the citizens of this country need food, water, Medicare, etc, obtainable in Naira!
If some useless, lecherous and unproductive, yet entitled, vanity flaunting elements like Dino Melaye, need foreign currencies to feed their insanity, what has that got to do with Nigeria?
If you want to indulge in the zero nutrition Orange, imported from wherever and sold at times ten that of super tasting Oranges from Benue, must Nigeria care about your price plight? Who send you?
If you chose Pizza over Aboki freshly cooked spicy bread and eggs, please find enough Naira to indulge in your borrowed Italian taste.
This argument over our poor currency is a lie of the elite to pass their problems as everyone's!
Days ago, I made a 4 litre bowl of cooked beans (enough to feed at least 8 adults) from a N200 ($0:40) measure of beans! Add another N500 ($1) worth of sweet potatoes, and you have a super nutritious meal for 8 adults!
That's less than $3 in total, N1,500 (including the costs of other stuff like onions, peppers and oil), to feed 8 adults?
Before you complain that the Naira is weak, tell me what you need the foreign currencies for, and i will show you how you and Dino are the same

Wow.. you took the time to write such a lengthy nonsense. Now think about it.. 5 years ago, if you saved 20k naira in a bank. At that point in time, with 20k you could buy, 1 bag of rice, a bag of beans and garri, and you'll still have change to spare.. Fast forward to this day.. The value of your saving had depreciated so much, you could barely buy one bag of rice. In context, you have lost money because you can't buy the same things you could buy 5years ago. But those who saved their money in dollars 5years ago will have absolutely no problem.
So, Fvck you for trying to defend this government with your stupid analogy.
people I know, are converting their savings to dollars and saving them in a domiciliary account just to withhold the value of their savings in many years to come. you think they are unwise?

We are a forex driven country. Cars, Electronics, Phones which are imported are paid for with what? Stone?!!
Idiot!! Keep asking what we need the dollar for again.